ICRC Unveils New PPP Rules to Decentralise Project Approvals

By Oluwakemi Kindness

The Infrastructure Concession Regulatory Commission (ICRC) has issued fresh guidelines that decentralise project approvals to Ministries, Departments and Agencies (MDAs) while tightening regulatory oversight.

The new framework, unveiled at a high-level stakeholders’ engagement in Abuja, empowers ministries to approve projects under ₦20 billion and agencies or parastatals up to ₦10 billion, following a directive from President Bola Tinubu.

According to a statement issued on Sunday by the ICRC, the guidelines detail procedures for preparing Outline Business Cases (OBC), Full Business Cases (FBC), and financial models, as well as procurement routes and PPP agreements.

They also establish a Project Approval Board to manage the new thresholds.

Presenting the document, ICRC Director-General, Dr. Jobson Oseodion-Ewalefoh, describes the rules as “a definitive framework for the conception, development, and execution of PPP projects in Nigeria.”

According to him, the reforms are designed to accelerate delivery timelines while safeguarding due diligence. “Every PPP project regardless of sector, scale, or origin must strictly comply with these provisions,” he emphasised.

Ewalefoh clarifies that the ICRC’s role remains strictly regulatory, not operational. “We are not grantors or operators of projects. Our job is to ensure agreements between MDAs and private investors are fair, bankable, and implementable,” he said.

He adds that while the Presidency’s decision decentralises approvals, it also introduces stricter accountability and “zero tolerance for non-compliance.”

Stakeholders at the event expressed strong support for the reforms and pledged readiness to implement the guidelines immediately.

The ICRC reaffirmes its commitment to work with MDAs, private investors, financiers, and development partners in positioning Nigeria as Africa’s leading destination for transformative PPP projects.